Freezing of Assets: Russia

Treasury written question – answered on 7th June 2022.

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Photo of Lord Alton of Liverpool Lord Alton of Liverpool Crossbench

To ask Her Majesty's Government what is the estimated value of Russian assets frozen to date; what further consideration are they giving to other assets that should be subjected to freezing orders; and what is the estimated value of those assets.

Photo of Baroness Penn Baroness Penn Baroness in Waiting (HM Household) (Whip)

Relevant firms are legally obliged to report to the Office of Financial Sanctions Implementation (OFSI) if they hold frozen assets of a designated person or entity they suspect to be on the list of asset freeze targets. OFSI is currently receiving a high volume of reporting about assets being frozen relating to sanctions imposed since Russia's invasion of Ukraine. This information is being collated and assured. Fuller details will be released in due course and will mark a substantial increase on previous assets reported as frozen under Russia sanctions.

With our international allies, we have introduced the largest and most severe economic sanctions that Russia has ever faced. These coordinated sanctions will continue to go deeper, broader and sharper, with a focus on those that can have the biggest impact.

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